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Blockcast
Licensed to Shill: There Is No Tokenized Finance Without Tokenized Liquidity | Emma Pecenicic, Fidelity International
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Emma Pecenicic leads digital assets at Fidelity International, where she oversees crypto ETP distribution and the firm’s tokenization work. In this episode, she argues that tokenized liquidity is the first layer of on-chain capital markets. Equities, bonds and ETFs can follow only once cash is on-chain.
Emma walks through the growth of tokenized US dollar liquidity funds, from about $1.5 billion in 2024 to $16 billion today. She explains why she sees crypto-native investors as only the first step toward a far larger retail and institutional opportunity.
The conversation covers what still needs to be built: secondary market liquidity, market makers connected across TradFi and crypto venues, and regulatory acceptance of 24/7 trading.
She also gets candid about the limits of automation. She describes the fallback planning required when the underlying assets don’t trade around the clock, down to convening a board on a Sunday night. Emma details who is buying today: crypto hedge funds, stablecoin issuers and foundations.
Finally, she breaks down the design of Fidelity’s tokenized liquidity strategy. That covers its digital-native structure, its AAA-mf rating and how Moody’s assessed the token wrapper, its accumulation and distribution token classes, and why amortized-cost valuation let money market funds come to market first.
Hosted by Takatoshi Shibayama, Head of APAC at Ledger, with Mark Tan, CEO of Blockhead and Headstream.
Everything discussed on this episode is not investment, financial, or relationship advice.
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🎙️ Hey there, Blockcast listeners! 🎙️ This podcast provides commentary and discussion on cryptocurrency and related topics. It is intended for informational and entertainment purposes only and should not be construed as financial advice. Guests appearing on this podcast may discuss companies or strategies, but these discussions are not recommendations to buy, sell, or hold any particular asset or pursue any specific strategy. The hosts and guests are not financial advisors, and listeners are urged to consult with a qualified professional before making any investment decisions. Investments in cryptocurrency are inherently risky, and you could lose money.
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